Sir Moir Lockhead confirmed this week he is standing down from leading FirstGroup.

The 65-year-old will pass on his chief executive duties to Tim O'Toole, currently deputy chief executive, in November before retiring completely in March next year.

Having left school at 15, County Durham-born Lockhead's first job was as an apprentice mechanic in a bus garage.

Later he left to join a management training scheme at Tarmac before returning to bus engineering, firstly at Hartlepool and then at Tyne and Wear.

In 1979, he came to Scotland as chief engineer of Glasgow bus and underground. He later moved to being the general manager of Grampian Regional Transport.

By 1989, he led the employee and management buyout of GRT.

Since then he has overseen a growth strategy which has seen turnover rise from £15million to £6billion, while employee numbers rocketed from 500 to 130,000.

FirstGroup is now the UK's largest bus operator.

It has rail businesses including First Great Western and First Capital Connect and operates the Greyhound coach service in North America.

Sir Moir said: "I believe that timing is everything and with FirstGroup in a strong position to continue its successful development, the time is right for me to hand over to an outstanding team led by Tim O'Toole.

"Over the past 21 years, I have had the privilege of leading the group.The pace of change and the level of success we have achieved have been extraordinary.

"I am immensely proud to have been part of this journey and I know that under Tim's leadership the business will continue to go from strength to strength, providing safe and high quality services for our customers and creating value for shareholders.

Martin Gilbert, chairman of FirstGroup, added: "Sir Moir has made an outstanding contribution to FirstGroup and to the transport industry as a whole during his long and successful career.

"With an exceptional track record, he is an impressive leader and it has been a privilege to work alongside Sir Moir over the past 21 years.

"His work will ensure the long-term success of the group for many years to come."

O'Toole, former boss of the London Underground, had long been regarded as the front runner for the top job after arriving in an executive role in June of this year.